Deutsche Bank Securities Inc. !gum 91 S&P EPS Model by sector - 2016 S&P El's cut from $128 to S '25 on stronger dollar, lower oil assumptions E;5 ktont0 OS US EWAN Stnhate Forma red 2015 SP EN 20(64 20014 x074 20CeA 2CO3A 2010A 20114 20124 20114 2011A 'A 2015E ,,. 2016E 0 2015E 0 2016E A SI % d 2015 176.211 188.18 $16.12 195.47 NOM $0528 NMI $103.75 $110311 $11912 76% 600 0Notial S9 SAP 500 EPS (curt constituents/ $7/43 911.14 INN 171.79 Nal 110.34 101.73 $10509 1111.03 1117.75 65% 11111.14 079% $12066 82% 3119 11% 112% 3016 1122 103% Seder 414 rig 14 simnbaN !saw Nt nco74.2014 dr 5 : 85 cr Nth A 201596 est Nun re nrevte ern as wo-rart2Ne d P5 2/..N.mt- ) fC,It ow" 566 539 525 409 486 741 840 9)4 995 102 9 341 115$ /23% 132$ 750% 11515 722% INA 83% 116.6 1001 286~ StaNis 515 570 II I 668 589 736 780 787 812 862 24% 851 -1.3% 910 69% 86.5 -08% 87.5 22% NA I07* Elegy 940 114 3 118 7 1415 580 815 129 7 1221 113B 1123 -1.5% 468 -N.4% 468 0 1 91 46.0 599% 62.0 46% NO 1781, ;Arca% 1338 173 1 438 -199 566 1290 132 5 1626 1891 1%9 04% 2)68 142% 2355 86% 218.0 749% 2300 55% 219.0 IC01 Nam Caro 696 730 818 867 BB 3 1013 KG 6 1125 117 9 1363 156% 1110 137% 1689 90% 164.5 9.14% INA 68% 161.6 93% rdavv/s 632 710 939 133 III NB 882 943 1075 1134 107% 1163 26% 1215 44% 113.0 14% 117.0 17% 112.2 93' ntolretN114/600% 835 976 121 4 122 I 1%6 1514 175 2 185 7 1831 2098 66% 1141 6.6% 2133 86% 226.0 75% 239.0 62% MD IGO* /tner46 174 212 248 210 132 249 317 292 305 327 74% 306 45% 343 120% 303 .75% 321 73% 31.4 1041 Telecomminue on Sewces 139 180 264 270 218 232 224 239 251 307 22 I% 337 98% 319 34% 335 91% 325 30% 395 KO'. 18 Ns 214 234 259 269 166 282 295 as 304 332 92% 332 .01% 344 37% 3311 07% 343 39% 31$ IVA 4